Wow! eBook
Testing Macroeconometric Models
Author(s): Ray C Fair (Author)
- Publisher: Harvard University Press
- Publication Date: 2 Nov. 1994
- Language: English
- Print length: 446 pages
- ISBN-10: 9780674875036
- ISBN-13: 9780674875036
Book Description
In this book Ray Fair expounds techniques for estimating and analyzing macroeconometric models. He takes advantage of the remarkable decrease in computational costs that has occurred since the early 1980s by implementing such sophisticated techniques as stochastic simulation. “Testing Macroeconometric Models” also incorporates the assumption of rational expectations in the estimation, solution, and testing of the models. And it presents the latest versions of Fair’s models of the economies of the United States and other countries. After estimating and testing the US model, Fair analyzes its properties – including those which are relevant to economic policymakers: the optimal monetary policy instrument, the effect of a government spending reduction on the government deficit, whether monetary policy is becoming less effective over time, and the sensitivity of policy effects to the assumption of rational expectations. Ray Fair has conducted research on structural macroeconomic models for more than 20 years. With interest increasing in the area, this book should be a useful reference for macroeconomists.
Editorial Reviews
Review
Fair’s research is a model of scientific ingenuity and candidness. He gives readers an intimate view of his models…the substantive findings should be studies by all who seek well-documented, carefully executed empirical evidence on economic fluctuations. — Robert M. Coen Journal of Economic Literature Specification, estimation, and analysis of macroeconometric models may be among the things that well brought up economists refrain from doing in public. Ray Fair’s book of this title, on the other hand, is recommended reading and a public service…The reader of this book will be left with a better appreciation of the accomplishments and the real problems of this field. — Richard Startz Journal of Economic Literature
About the Author
Ray C. Fair is Professor of Economics, Yale University.
